That old devil JCT gave the market the ol’ rope-a-dope.…Lie back on the ropes and take your beating while meantime, the trading desk is out hoovering up cut rate bonds…clever old frog…

I fell for it, hook line and sinker…

Now we will have to wait until the ECB announces its bond buys on Monday…If it is not on a par with levels back in June, the market may take another run at the downside in EUR/USD…

We’ve recovered to 1.3135 from 1.3060 US lows…